Shares of energy companies ticked down to finish a volatile week.
It's been a rollercoaster week for oil, which saw its biggest selloff of the year Monday, only to recoup all those losses by Thursday. Traders are using the commodities markets at large, and the oil market in particular, to reflect shifts in the inflation outlook. The critical calculation remains whether a recent spike in prices for a range of goods and services is "transitory," as the Federal Reserve has predicted, or longer lasting, said Joe Kinahan, chief market strategist at TD Ameritrade.
Natural-gas futures finished the week with an 11% gain, closing above $4 per million British thermal units for only the second time since 2018. Forecasts for hotter weather in Texas and the South have spurred bets on higher power consumption.
Shares of Schlumberger rose after the oil-services giant said the rebound in the economic cycle boosted demand in the latest quarter and should continue to do so, echoing a strong report from rival Halliburton.
In another sign of the oil patch revival, the number of rigs drilling for oil in the U.S. rose by seven in the latest week to 387, according to the latest tally from oil-field services company Baker Hughes.
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(END) Dow Jones Newswires